Microsoft exceeds fiscal first-quarter predictions
Microsoft beat Wall Street expectations for the fiscal first quarter. Net income rose 16 percent to $5.4 billion, or 62 cents per share, excluding the impact of revenue deferrals last year. Revenue increased 25 percent to $16.2 billion.
Sales of Windows, Office and server software to businesses helped bolster results. Businesses are spending on technology after clamping down on budgets during the economic downturn.
Microsoft is betting Kinect, an add-on for Xbox 360 that can read body movements, will be a hot gift – and push revenue for the division that makes it up 30 percent from a year ago.
Exxon Mobil profits increase by 55 percent
An increase in oil and gas prices helped Exxon Mobil Corp. boost third-quarter profits by 55 percent.
Exxon plans to get back to work in the Gulf of Mexico soon, and it plowed another $7.6 billion into oil exploration and production operations in the quarter.
Toyota didn’t report defects, lawsuits claim
Toyota Motor Corp. bought back cars from drivers who reported sudden acceleration defects, but the company didn’t tell federal regulators about the problem, according to court documents filed in the sprawling litigation against the automaker.
Plaintiffs’ lawyers contend the Japanese company compelled the owners to sign confidentiality agreements that prevented them from speaking publicly about the issues they encountered.
Toyota spokesman Mike Michels denied the allegations, saying company technicians weren’t able to duplicate the sudden acceleration claimed by drivers in two instances.
Hundreds of lawsuits were filed against Toyota after the automaker began recalling millions of vehicles because of acceleration problems in several models and brake glitches with the Prius hybrid.